How to Reduce Claim Cycle Time by Half!
In 2013, McKinsey study found that 48% of the team’s workweek is spent looking for information, finding someone who has the information, or processing it. This is an incredible statistic. It provides a great insight into the opportunities available to maximize operational efficiency and produce higher margins at lower costs.
In field claims operations, this means there is an opportunity to reduce claim cycle times by at least a half! So what is the secret? It may sound simple, but the answer to this question. It’s video!
Current Field Documentation Process
A traditional field documentation process starts by placing an assignment for field inspection. The assignment is then passed to the actual field resource to complete. This involves coordinating the appointment date with the collision repair facility or the insured. After the appointment is confirmed and the on-site visit is conducted, the next step in the process involves creating a report. This is where most of the delays in claims operations take place.
Some inspection reports are more complex than others, but there is an obvious reason for delay. After completing the inspection, the claim handler can either travel to the next location or stop and prepare the report on the spot. Yet, the revenue in field claims handling depends on the number of assignments. The more claims are handled in the daytime, the larger is the check. Hence, the report activities are pushed to offline hours – nights and weekends, backed by pictures, basic notes, and occasional voice recordings.
There are just way too many responsibilities for a field claims professional to handle and while the previously acceptable SLAs are being met, modern customer demands a faster service. In the mind of the insured, faster service is the better customer service!
New Field Claims Documentation Process
Mobile technology helps improve various aspects of this process. Pictures and notes are also great. But video allows completely revolutionize the approach.
Imagine the field resource simply pointing the smartphone camera at the claim and speaking in a natural language, describing what he or she is seeing. Then, once the claim is adequately captured and described, the field claims professional simply thanks the insured or the collision shop representative and marks the assignments completed. No reports, no hassles, no worries of staying up at night every few days documenting the reports.
Why? Because the video that was captured was already delivered to a cloud based portal for an inside estimator to complete the report. This process makes the information available for processing in real-time and eliminates the natural documentation delay of the traditional field inspection.
Sounds very intriguing? Absolutely! With this approach, you can now handle more claims in less time. And with the shortage of experienced resources that is felt everywhere in the industry, the ability to do more with existing human resources available is a critical aspect in growing the business and remaining competitive.
Livegenic Pro™ is specifically designed for field claims professionals to enable capture and processing of claims with video.
Reduce your claim processing cycle time by half! Try it free today!